Without getting into specifics – those will apparently be released in the coming weeks -- Lagarde focused on broad economic trends and the unexpectedly weak global activity seen earlier this year.

The financial crisis that hit Europe hard in 2008 has been “deep and long,” she said in her speech. “It left behind long-lasting scars that still need to heal ... Yet, more than five years into the crisis, the fragility of the ongoing recovery points to a role for supply side policies to support stronger growth.”

While some advanced economies are starting to strengthen, recovery “remains tepid and uneven,” she said.

The United States didn’t have the best of first quarters this year, Lagarde said, but on the upside a more “meaningful rebound in activity is now underway, and we expect growth to accelerate over the coming few quarters.”

But of course, she warned, the U.S. recovery hinges on a careful withdrawal of monetary support by the U.S. Federal Reserve and a pretty strong fiscal plan to shore everything up.

And, as everyone knows, the Eurozone area has struggled to come out of a recession and is slowly making gains but the recovery isn’t strong enough to reduce joblessness and debt, she said, adding banking union and reforms are critical for a long lasting recovery.

All hasn’t been rosy in the emerging market areas and for developing economies with growth in “many of these countries hit a soft patch earlier this year, in part due to weaker exports. Even so, these countries will continue to provide the bulk of global growth, albeit at a slower pace than before.”

A bright light continues to come from Asian and the emerging markets there as they push ahead with what is expected to be the world’s highest growth rate in 2014-2015, she said.

“China will be a key driver of this performance, growing at a slower but more sustainable pace of about 7½ percent in 2014,” she said.

“Sub-Saharan Africa will also contribute to global growth. Many African countries have managed to weather the crisis well and sustain an expansion of around 5 percent per year on average—the second highest after Asia. The forecast is for this growth to continue, provided that risks from debt accumulation and erosion of fiscal space are carefully managed.”

In order to globally get things back on track, Lagarde called for more investment – both from the public and private sector.

“Today, there are investment shortfalls in virtually all countries. Public investment took a hard hit during the crisis in many economies, and private investment has not crowded in. With private investment also lower, public cutbacks in investment are likely to hold back growth prospects,” she said.

“Despite massive and unprecedented policy responses to the crisis over the past five years, the recovery remains modest and fragile. Demand support policies can only go so far. We now need to step up supply side policies and reforms to boost investment and reinforce the recovery.

We have a window here—afforded by still accommodative macroeconomic policies—to boost investment and growth with limited risk to fiscal sustainability. We should use this window wisely.”

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